Baron Small Cap Fund

Vertiv Holdings Co. (VRT) is a leading global provider of critical digital infrastructure and services, including power management, thermal management, and IT management systems and lifecycle solutions for data centers, communication networks, and commercial and industrial facilities.
Vertiv Holdings Co. (VRT), a leader in critical infrastructure solutions for data centers, is driving industry innovation and will exceed end-market growth due to its broad offering across electrical and thermal management products—enabling integrated, modular solutions and industry-leading service capabilities that competitors cannot match. We expect Vertiv to leverage its strong organic growth, healthy contribution margins, and solid execution to drive outsized profit growth and robust free cash flow, which can be deployed toward acquisitions to create value over time.

Guidewire Software, Inc. (GWRE) is the leading cloud-native software platform for the property and casualty insurance industry, providing core systems for policy, billing, and claims management to insurers globally, with accelerating cloud adoption among both regional and Tier 1 carriers.
Guidewire Software, Inc. (GWRE) is a best-in-class core system of record for P&C insurers, managing policies, claims, premiums, and payments across highly regulated workflows. We see a long runway as carriers modernize legacy systems, with the core opportunity approaching $20 billion of annual recurring revenue. AI should expand this opportunity through automation and intelligence layered on top of InsuranceSuite, while improving internal productivity. With the cloud migration largely complete, we expect accelerating revenue, margin expansion, and improving free cash flow.

Kinsale Capital Group, Inc. (KNSL) is a property and casualty (P&C) insurer focused exclusively on the excess and surplus lines (E&S) market, which includes risks that are unique or difficult to place in the standard insurance market.
Kinsale Capital Group, Inc. (KNSL) is, we believe, a well-run insurer that should grow earnings and book value per share much faster than its peers. The company's focus on the attractive E&S market, underwriting discipline, and efficient technology platform enable it to rapidly grow premiums while delivering industry-leading underwriting margins. Management is highly regarded and has decades of experience in the E&S market. We believe Kinsale has a long runway for growth in an attractive segment of the P&C insurance market.

Red Rock Resorts, Inc. (RRR) is a leading owner and operator of casino resorts serving the Las Vegas locals market, operating properties under the Red Rock, Station, Palms, and related brands across the Las Vegas valley through its controlling interest in Station Casinos.
Red Rock Resorts, Inc. (RRR) operates in the improving Las Vegas locals gaming market, which is now back to previous peak levels. We think the market is attractive, given favorable fundamentals including population growth 2.7 times the national average and $20 billion in projects either in the planning stages or under development. The market also offers the lowest tax rate in the U.S., with limitations on the development of new casinos in the region. Red Rock also has the option to develop or sell its owned acreage.

SiteOne Landscape Supply, Inc. (SITE) is the largest wholesale distributor of landscape supplies in North America, offering agronomic products, landscape supplies, hardscapes, and nursery goods to professional landscapers through a dense national branch network prized for its proximity to jobsites.
SiteOne Landscape Supply, Inc. (SITE) is more than three times the size of its nearest competitor yet holds only a low-teens share of a highly fragmented market. We see meaningful runway for continued accretive M&A, supported by an experienced management team with a strong track record. Internal initiatives—including branch improvements, private-label growth, and transportation management—should accelerate margin expansion toward the 13% mid-term target and drive upside for the stock.

TransDigm Group Incorporated (TDG) is a leading aerospace and defense component manufacturer, specializing in highly engineered, sole-source proprietary parts for commercial and military aircraft with significant aftermarket revenue streams and value-based pricing power.
TransDigm Group Incorporated (TDG) makes highly engineered, proprietary components that are designed into aircraft and subject to rigorous customer and regulatory certification, creating high switching costs. Once installed, many products generate higher-margin, more stable aftermarket revenue over aircraft lives of 25 to 30 years. This recurring cash flow supports acquisitions, special dividends, and share repurchases.

ICON Plc (ICLR) is the second-largest global contract research organization (CRO), providing outsourced drug development services to pharmaceutical and biotechnology clients. ICON has expertise in multiple therapeutic areas.
As drug trials become increasingly complex and biopharmaceutical companies consolidate vendor lists among top-tier providers and seek stickier strategic relationships, we believe large global CROs will be the primary beneficiaries. ICON's scale benefits enhance relevance to existing and potential customers. The outsourcing trend is accelerating, driven by biopharma's need for a lower, more variable cost structure and the inherent lack of biotechnology infrastructure.

RadNet, Inc. (RDNT) is the largest outpatient radiology network in the U.S., operating imaging centers offering MRI, CT, PET/CT, and X-ray services to patients and health systems, while building a digital health platform of AI-powered diagnostic software.
RadNet, Inc. (RDNT) has growth supported by an aging U.S. population, increased use of imaging in disease diagnosis and treatment, and the shift from inpatient imaging to lower-cost outpatient settings. It builds leading positions in regional markets, using scale and relationships with payors, radiology groups, and referring physicians to drive operating efficiencies. Its multi-modality strategy diversifies revenue and reduces reimbursement risk, while AI capabilities enhance image interpretation, support earlier disease detection, and improve physician productivity.

HealthEquity, Inc. (HQY) is one of the largest dedicated Health Savings Account custodians. The company offers Health Savings Accounts combined with a technology platform that serves as a single place for consumers to manage their health care savings and spending decisions.
The company should benefit from the secular shift towards greater consumer responsibility for health care costs. The number of people enrolled in high-deductible health plans eligible for Health Savings Accounts is expected to reach 27.5 million by 2019, up from 22 million at December 2017, driven by employer efforts to control health care costs. The company's technology platform is differentiated and designed to serve the needs of health care consumers. The business model is highly profitable and we think it is highly scalable.

Intapp, Inc. (INTA) provides cloud software for professional services industries like legal, private capital markets, accounting, consulting, and investment banking. Intapp uses AI to automate administrative workflows including deal origination, client onboarding, conflict clearance, and contract terms  
Intapp is a market leader in its key verticals: professional services and private equity software. These industries, which together spend $9 billion on application software a year, have been growing as more assets shift to private markets. Intapp has been serving the largest firms in the space for more than 20 years, has a specialized architecture designed to manage deal processes, and has been winning share from other vendors. The company has a long runway for growth with existing customers as it cross-sells new modules, increases cloud pricing, and expands its user base.